• China Gas’ Panda hits issuance ceiling again

    Hong Kong-listed natural gas distributor China Gas wrapped up the year with a Rmb1.3bn ($188m) Panda bond, once again raising double its original fundraising target.

    • 11 Dec 2018
  • China Gas fires up new Panda bond plan

    Red chip issuer China Gas Holdings plans to raise up to Rmb1.3bn ($189m) from a new Panda bond this month before its issuance programme expires.

    • 04 Dec 2018
  • BMW's China arm returns to ABS, shifts to revolver

    BMW Automotive Finance returned to China's ABS market this week, raising Rmb4.5bn ($575m) from its second deal of the year. But the auto lender tweaked the structure this time, adding a revolving portion.

    • 28 Nov 2018
  • Second lap: BMW returns to ABS after just two months

    BMW Automotive Finance will open books for its second auto loan ABS of the year on November 27, another three-trancher worth Rmb4.5bn ($648m).

    • 21 Nov 2018
  • Mercedes-Benz gets tighter pricing on second ABS of 2018

    German automaker Mercedes-Benz raised Rmb8bn ($1.15bn) from an auto loan ABS this week, slashing its funding cost just three months after its last foray into the market.

    • 20 Nov 2018
  • Sun Hung Kai plots debut Panda bond

    The Hong Kong real estate developer is coming to the Chinese onshore market for the first time. The deal is as much about the issuer getting familiar with the onshore bond market as it is about fundraising, GlobalRMB understands.

    • 13 Nov 2018
  • China Gas rakes in bigger Rmb2bn from Panda return

    China Gas Holdings doubled the size of its Panda bond to Rmb2bn ($288m) on Wednesday, thanks to strong demand from investors, according to bankers.

    • 25 Oct 2018
  • BMW drives off with chunky BavSky China ABS

    BMW Automotive Finance (China) Co priced a Rmb4.5bn ($656m) Bavarian Sky China 2018-1 securitization this week, its largest China auto ABS deal to date.

    • 19 Sep 2018
  • BMW readies first China auto ABS of the year

    BMW Automotive Finance (China) Co is making its first foray into the ABS market this year, with bookbuilding for the Rmb4.5bn ($656m) Bavarian Sky China 2018-1 set to start next Monday.

    • 11 Sep 2018
  • CWAG opts for privately placed Pandas

    Hong Kong-listed China Water Affairs Group (CWAG) has hit the Panda bond market for the first time, raising Rmb200m ($30.3m) from a private deal. Bankers think private placements and cornerstone-driven transactions are only going to get more attractive, in large part thanks to rising bond market volatility.

    • 06 Jul 2018
  • Xiaomi delays CDR listing, readies HK IPO

    Smartphone and devices manufacturer Xiaomi Corp has put the China Depository Receipt (CDR) portion of its $10bn IPO on hold, opting to list in Hong Kong first.

    • 19 Jun 2018
  • SAIC-GMAC prints jumbo Rmb10bn ABS deal

    General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

    • 07 Jun 2018
  • Updated: SAIC-GMAC raises the stakes in China ABS

    General Motors’ Shanghai-based joint venture is gearing up for its biggest securitization transaction in China. The Rmb10.4bn ($1.62bn) notes will be up for grabs not only for onshore investors, but also those tapping the market via Bond Connect.

    • 30 May 2018
  • Investors push CR Land Panda to long-end

    China Resources Land bagged Rmb4bn ($635.7m) from a two tranche Panda bond on Wednesday, marking its fifth outing in the market. But the issuer had to change tack at the last minute after investor demand built up for the longer-dated note.

    • 06 Apr 2018
  • CR Land preps Panda as pipeline builds

    China Resources Land is lining up the Panda bond market’s first deal after the Chinese New Year holiday. The Rmb6bn ($946.6m) three year bond, the biggest offer in the asset class in six months, may kick start a streak of onshore transactions, said onshore DCM bankers.

    • 06 Mar 2018
  • SAIC-GMAC lines up Rmb3bn ABS comeback

    China's SAIC-GMAC Automotive Finance wants to raise Rmb3bn ($473.7m) from an asset-backed securitization on Monday.

    • 02 Mar 2018
  • Sharjah makes its name with Panda debut

    Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

    • 01 Feb 2018
  • Updated: Sharjah lines up first Panda from Middle East

    The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

    • 30 Jan 2018
  • Sino-Ocean completes Rmb3bn Panda return

    Sino-Ocean Property Holdings raised Rmb3bn ($469.4m) from the Panda market this week, which marked the issuer's first feat in the asset class in 10 months.

    • 26 Jan 2018
  • CR Land changes tack with Rmb6bn Panda

    China Resources Land is coming back to the Panda market with a Rmb6bn ($941.6m) three year deal.

    • 25 Jan 2018
  • Country Garden bottles Panda comeback

    Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

    • 24 Jan 2018
  • Country Garden unveils interbank Panda offer

    Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

    • 17 Jan 2018
  • Mizuho makes cautious Panda debut

    Mizuho Bank opened the Japanese Panda bond market on January 12, sharing the title of first issuer in the category with Mitsubishi UFJ Financial Group (MUFG). But instead of aiming for a blockbuster transaction, Mizuho treaded carefully – raising just Rmb500m ($77m) from the debut deal.

    • 15 Jan 2018
  • IL&FS cooks up first HY dim sum since 2016

    India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

    • 11 Jan 2018
  • IL&FS returns for dim sum bond

    India’s IL&FS Transportation Networks launched an offshore renminbi bond on Wednesday morning, following Westpac Banking Corp’s opening of the dim sum market earlier this week.

    • 10 Jan 2018
  • IL&FS raises curtain on 2018 dim sum market

    India’s IL&FS Transportation Networks is laying the groundwork for the first offshore renminbi bond of the year, mandating banks on Friday.

    • 05 Jan 2018

Panda Bonds Top Arrangers

Year To Date Same time last year
Rank Arranger Share % by Volume Rank Arranger Share % by Volume
1 Bank of China (BOC) 19.61 1 Bank of China (BOC) 16.33
2 Industrial and Commercial Bank of China (ICBC) 10.15 2 China Construction Bank (CCB) 12.35
3 Everbright Securities 8.11 3 Agricultural Bank of China (ABC) 10.96
4 China Merchants Bank Co 7.77 3 Industrial and Commercial Bank of China (ICBC) 10.96
5 CITIC Securities 5.65 5 China Merchants Bank Co 10.76

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4.98 19 10.86%
2 Goldman Sachs 4.62 16 10.07%
3 CITIC Securities 4.07 15 8.87%
4 UBS 3.44 13 7.49%
5 China International Capital Corp Ltd 3.20 13 6.98%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 7.37 37 8.71%
2 HSBC 6.74 55 7.98%
3 JPMorgan 5.95 40 7.03%
4 BofA Securities 4.82 30 5.70%
5 Standard Chartered Bank 4.69 37 5.55%

Asian polls & awards

  • GlobalCapital China 2020 awards winners: Part III

    In the final part of GlobalCapital China’s awards announcements, we reveal the year’s key innovation – and the individual who has made the greatest contribution to reforming and internationalising the onshore market.

  • GlobalCapital China 2020 awards winners: Part II

    In the second part of GlobalCapital China’s awards announcements, we reveal the winning banks across Panda bonds and ABS, as well as the best bank for securities services.

  • GlobalCapital China announces 2020 awards winners: Part I

    GlobalCapital China is pleased to announce the winners of its annual awards, recognising the banks, issuers and individuals that have made the biggest contribution to developing China’s onshore markets. In part one, we reveal the most impressive issuers in the FIG, corporate and SSA categories.

  • GlobalCapital Asia awards 2020: Investment banks

    In the final instalment of GlobalCapital Asia’s awards announcements, we reveal the best Asian investment bank and the best investment bank in the region for 2020, as well as the bank that stands out for its response to the Covid pandemic.

  • GlobalCapital Asia awards 2020: Bonds

    In part three of GlobalCapital Asia's awards results announcements, we reveal the winning bond deals across different categories, as well as the best debt houses and the best bank for SRI financing.